UrbanClap, a market for freelance labor in India and the UAE, has raised $75 million in a brand new financing spherical to develop its enterprise.
The Collection E spherical for the four-and-a-half-year previous India-based startup was led Tiger World. Current buyers Steadview Capital, which led the startup’s Collection D in December final yr, and Vy Capital additionally participated within the present spherical. The startup, which has raised about $185 million to this point, stated some early buyers bought parts of their stake as a part of the brand new spherical.
By way of its platform, UrbanClap matches service individuals comparable to cleaners, restore workers and beauticians with clients throughout 10 cities in India and Dubai and Abu Dhabi. The startup helps 20,000 “micro-franchisees” (service professionals) with round 450,000 transactions going down every month, cofounder and CEO Abhiraj Bhal instructed TechCrunch.
Bhal stated that UrbanClap helps offline service employees, who’ve historically relied on getting work by way of intermediary comparable to some retailer or phrase of mouth networks, to search out extra work. And so they earn extra, too. UrbanClap provides a extra direct mannequin, with employees conserving 80% of the price of their jobs. That, Bhal stated, means employees can earn multiples extra and handle their very own working hours.
“The UrbanClap mannequin actually permits them to develop into service entrepreneurs. Their earnings will shoot up two or three-fold, and it isn’t unusual to see it rise as a lot as 8X — it’s a life-changing expertise,” he stated. Common worth of a service is between $17 to $22, in line with the corporate.
In recent times, UrbanClap has additionally began to supply coaching, credit score, and fundamental banking providers to raised help the service employees on its platform. On its web site, UrbanClap claims to supply 73 providers — together with kitchen cleansing, hairdressing, and yoga coaching. It says it has served three million clients.
Bhal stated that round 20-25% of candidates are accepted into the platform, that’s a choice based mostly on in-person conferences, background and prison checks, in addition to a “expertise” take a look at. Staff are inspired to work solely — although it isn’t a requirement — and so they put on UrbanClap outfits and symbolize the model with clients.